Court Dismisses Suit Against Federal Government’s Securitization of N22.7 Trillion CBN Loan


A suit aimed at restraining the Federal Government (FG) from securitizing the N22.7 trillion Ways and Means Loan support received from the Central Bank of Nigeria (CBN) was dismissed by the Federal High Court in Abuja on Thursday.

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Justice James Omotosho, in his judgment, ruled that the plaintiffs lacked the legal right (locus standi) to bring the case forward. He emphasized that even if they had the standing, they failed to substantiate their claims.

The lawsuit, filed by Justin Edim and Akinfewa Akinwunmi, targeted President Bola Tinubu, the FG, CBN, Ministry of Finance, Debt Management Office (DMO), National Assembly, and Attorney General of the Federation (AGF) as defendants.

The plaintiffs, represented by Victor Opatola, sought to halt the conversion of the debt into a promissory note or any form of securitization, arguing that such actions would adversely affect Nigerian citizens and the economy.

They alleged that the FG, through the Ways and Means provision, accumulated debts exceeding legal limits, and proposed converting the debt into bonds, violating relevant laws.

In dismissing the suit, Justice Omotosho cited the plaintiffs’ failure to provide certified true copies (CTCs) of exhibits, highlighting the necessity for authenticated evidence in court proceedings. He also criticized the speculative nature of the suit, emphasizing the lack of concrete evidence.

The judge’s ruling underscores the importance of legal standing and authenticated evidence in judicial proceedings, ultimately leading to the dismissal of the case.

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